Step-by-step explanation:
Risks and uncertainties are inherent in every business. When starting a new venture, there must be studies and research involved to assess the viability of the business, the risks, the return on investment, the potential audience, etc.
Strategic planning is a necessary tool for any business, regardless of size or structure, through planning the company develops its identity, its strengths and weaknesses, defines the action plan to achieve its objectives and goals, etc., which helps the business to be more viable and structured to reduce risks and negative externalities.